The S Alam Group concern owes Tk 1,777 crore to the state-owned bank
Companies linked to the controversial S Alam Group took out 56 percent of the total disbursed loans of First Security Islami Bank (FSIB), one of six Shariah-based lenders controlled by the Chattogram-based business giant.
Mohammed Monirul Moula, the managing director of Islami Bank Bangladesh, has not gone to his workplace since December 19 when he was forced to leave by a group of officials.
Six factories of the controversial business giant S Alam Group in Chattogram were abruptly shut down yesterday until further notice.
S Alam Group owner Mohammed Saiful Alam has initiated a legal effort as a Singaporean citizen to recover financial losses he claims were caused by the Bangladeshi government freezing his assets and harming his investments, The Financial Times reports.
This is the first time the bank filed a case to recover a loan from S Alam
The letter and Saiful Alam’s threat to pursue international arbitration mark his most serious pushback yet against Bangladesh’s interim government.
Islami Bank Bangladesh plans to sell the S Alam Group’s stake in the bank to realise dues of around Tk 10,000 crore from the controversial conglomerate.
A “staffer of S Alam Group” took out Tk 118 crore from Union Bank without any approval or following any banking norms, indicating how the controversial business conglomerate used the bank.
The S Alam Group is trying to sell properties that are not mortgaged to banks
Bangladesh Bank permitted Mohammed Saiful Alam and his family to seize multiple banks and funnel enormous sums as loans
The Bangladesh Bank yesterday instructed six S Alam-owned banks to stop any money going out of the accounts in the name of the Chattogram-based business giant, its associates’ companies and related persons.
The BFIU found Tk 99.7 crore at the accounts of four companies of Md Akiz Uddin, also a former deputy managing director of Islami Bank Bangladesh
The BFIU also sought information related to their loan accounts with guarantee and loan repayment
After seven years, S Alam Group’s control over Islami Bank ended yesterday after the Bangladesh Bank decided to dissolve the board of the country’s largest private sector bank that was heavily dominated by individuals linked to the conglomerate.
In a major development, three state agencies yesterday made a series of moves against the S Alam Group, its chairman Mohammed Saiful Alam, and his family members amid allegations of loan irregularities during the 15-year tenure of the recently ousted Awami League government.
S Alam Group and its associate companies took out Tk 95,331 crore between 2017 and June this year from six banks, with 79 percent of the sum coming from Islami Bank.
The Bangladesh Bank restricted six banks linked to S Alam Group from lending activities to prevent their situation from deteriorating further amid allegations of wrongdoing.
As much as 90 percent of the loans disbursed by a branch of state-run Janata Bank was for S Alam Group, in yet another instance of how the Chattogram-based business giant exerted its influence on the country’s banking sector.
